Rivian tops $3bn for electric truck development
Electric truck developer Rivian has closed an investment round of $1.3bn, bringing the total backing to $3.1bn.
Existing investors Amazon, Ford Motor Company and funds managed by BlackRock participated in the round alongside new funds managed and advised by T. Rowe Price Associates.
“This investment demonstrates confidence in our team, products, technology and strategy – we are extremely excited to have the support from such strong shareholders,” said RJ Scaringe, CEO anf founder of Rivian.
This is Rivian’s fourth deal of the year 2019. In February, Rivian announced a $700m funding round led by Amazon. In April, Ford Company invested $500m and said the two companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform. In September, Cox Automotive announced $350m backing with plans to collaborate on logistics and service. Rivian is also working with Amazon on the development of an electric delivery van with an order for 100,000 vehciles for 2021.
The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility. These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s US manufacturing plant in Normal, Illinois, with customer deliveries expected to begin at the end of 2020. The company has development centres in Surrey, UK, as well as Michigan, San Jose and Irvine, California and Vancouver, Canada.
No new board seats have been added, and additional details about this investment are not being disclosed at this time.
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